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Raj Thackeray backs DSK, urges investors to support builder

Raj told investors to maintain their faith in Kulkarni, popularly known as DSK, saying there is a “lobby active against the Marathi businessman” with some politicians also part of it.

pune Updated: Nov 25, 2017 15:24 IST
Yogesh Joshi
Yogesh Joshi
Hindustan Times, Pune
raj thackeray,dsk,kulkarni
The MNS chief said he will soon personally meet the developer to ask him to find out solutions to the current problems. (HT File Photo)

Maharashtra Navnirman Sena (MNS) chief Raj Thackeray has backed real estate developer DS Kulkarni, who is facing financial troubles and multiple police complaints of cheating from investors. The MNS chief has also urged investors, whom he met in Pune on Friday, to support the ‘Marathi builder’ in these difficult times.

Raj told investors to maintain their faith in Kulkarni, popularly known as DSK, saying there is a “lobby active against the Marathi businessman” with some politicians also part of it. “I can understand your problems, but DSK is also facing financial crisis. I urge you to back him in these difficult times,” Thackeray said.

The MNS chief said he will soon personally meet the developer to ask him to find out solutions to the current problems.

Since last few months, depositors, mostly senior citizens, have accused the DSK Group for defaulting in payment of interest on fix deposits (FD), the scheme DSK has been running for the past 35 years. The group owes Rs.111 crore to Non-Convertible Debentures (NCD) holders besides Rs.44 crore to FD holders.

As the DSK has failed to return the money, investors have filed police cases against him with the Economic Offences Wing of Pune Crime Branch. Earlier this week, DSK, who has secured anticipatory bail from the high court on the condition that he will come up with a concrete plan to return investors’ money, said he will not run away from the country like Vijay Mallya.

During the meeting with Thackeray, another real estate developer Srikant Paranjape also addressed the investors and explained to them why DSK is into troubles.

On Thursday, DSK’s lawyer, senior advocate Ashok Mundargi submitted to the Bombay high court that the construction group wants to repay all the depositors. Mundargi said the depositors have been associated with the group for more than two decades and the groups assets are much more than what is required to repay all the investors.

The senior advocate said the groups assets even today are worth over Rs.10,000 crore, but the only problem is that everything was in the form of properties, including a 10 lakh square feet constructed area, and now all the properties are blocked since the police have instructed the registrar of documents not to register any agreement involving the group.

First Published: Nov 24, 2017 16:41 IST